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Cardano Tops in Adjusted Volume Transactions Despite Price Tumbling 18%

Thu, 02/24/2022 - 12:49
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Tomiwabold Olajide
Cardano outperforms lead cryptos, BTC and ETH in adjusted transaction volumes
Cardano Tops in Adjusted Volume Transactions Despite Price Tumbling 18%
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Per recent data from Messari, Cardano is leading in 24-hour adjusted volume transactions despite the ADA price tumbling 18%. Adjusted transaction volume remains a good way to isolate only the most important transactions.

Cardano outperformed lead cryptocurrencies Bitcoin and Ethereum in adjusted transaction volumes, with a 24-hour volume of $16.49 billion compared to Bitcoin's $8.49 million and Ethereum's $4.73 billion. Cardano users also paid cheaper fees compared to both BTC and ETH.

On-Chain Activity
On-Chain Activity, Source:

Amid a string of favorable fundamentals, Cardano's price has declined steadily since attaining all-time highs of $3.09 in September 2021. ADA has taken a drubbing as the entire crypto market dipped. ADA has tanked more than 18% in the last 24 hours and remains down 75.44% from its all-time highs, as per CoinMarketCap.

Cardano holders continue to accumulate amid price plunge

Despite price declines, Cardano holders have continued to accumulate. On-chain analytics firm Santiment reported that Cardano ''shark addresses'' holding 10,000 to 100,000 ADA tokens have accumulated almost half of Cardano's total supply of 34.12 billion ADA, adding 6% more in the last five weeks.

Likewise, holders of the ADA token who have not parted with their tokens for at least one year now control a cumulative 10.12 billion ADA tokens ($9.5 billion), according to recent data provided by IntoTheBlock analytics.

Bitrue cryptocurrency exchange also revealed its big announcement: making ADA one of the base currencies.

Cardano (ADA) will be used as a base currency for conversion of FLUX, DGB, RSR, GAS, SNT, CTSI, BNT, LOOM and KNC, i.e., some of the most popular assets for the Bitrue community. ADA trades at $0.76 at the time of publication.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.